06.26.2001
Unemployment hits another record high

• Development: Export orders in May contracted 14% YoY while industrial output fell 8.2% YoY. The unemployment rate reached yet another record high of 4.2% last month, matching expectations.

• Analysis: Depressed global and domestic demand continues to drag on exports and industrial production growth throughout 2001 while pushing unemployment to new highs.

• Primasia View: We forecast double-digit contraction in actual exports until late 4Q01. We expect the unemployment rate to peak at 4.7% in August.

IrmakSurenkok@Primasia.com +886-[0]2-2547-8873